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Buyers. Sellers. Proprietors. Agents.
Selling
Months after the Noida Extension fiasco left 6,000 home buyers in the lurch, the government is ready with a bill to regulate the real estate sector and protect property buyers from unscrupulous developers. The Centre has finalised the draft Real Estate (Regulation & Development) Bill, pending since 2009, and plans to introduce it in the winter session of Parliament after getting cabinet approval.
Investing
Having an assistant is one of the best investments you’ll make as a real estate entrepreneur. Like all parts of your business (and yes, buying, leasing, and selling houses is a business), they require an investment of your money and also your time. You’ll need to invest a little money in order to hire, train, and compensate them for their services. And, you’ll need to invest some time to help them get the job done right — more in the beginning and much less as time goes on.
Renting
In a lease option, you rent a property at a cost slightly above market rate. Prior to moving in, you agree on a potential purchase date and purchase price for the home. You may buy the property at any point during the rental period up until the lease option expires. The lease option period can be any length of time that you and the seller agree to, ranging from several months to several years.
The real estate business in Mexico and Central America is different from the way that it is conducted in the United States.
Some similarities include a variety of legal formalities (with professionals such as real estate agents generally employed to assist the buyer); taxes need to be paid (but typically less than those in U.S.); legal paperwork will ensure title; and a neutral party such as a title company will handle documentation and monies in order to make the smooth exchange between the parties. Increasingly, U.S. title companies are doing work for U.S. buyers in Mexico and Central America.
Real property and personal property are the main classifications of property in the common law. Real property refers to land and the improvements made by human efforts—buildings, machinery, the acquisition of various property rights, and the like. Real property is also termed realty, real estate, and immovable property.
In countries with personal ownership of real property, civil law protects the status in realty markets, where realtors work in realty selling real estate. Scottish civil law calls it heritable property, and in France it is said immobilier.
Identification of real property
To be of any value a claim to any property must be accompanied by a verifiable and legal property description. Such a description could make use of natural boundaries such as river and roads, or make use of purpose made markers such as cairns, posts, survey marks, etc.
Estates & ownership interests defined
The law recognizes different sorts of interests, called estates, in real property. The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. Estates are distinguished by the varying property rights that vest in each, and that determine the duration and transferability of the various estates. A party enjoying an estate is called a "tenant."
Some important types of estates in land include:
   * Fee simple: An estate of indefinite duration, that can be freely transferred. The most common and perhaps most absolute type of estate, under which the tenant enjoys the greatest discretion over the disposition of the property.
   * Conditional Fee simple: An estate lasting forever as long as one or more conditions stipulated by the deed's grantor does not occur. If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party.
   * Fee tail: An estate which, upon the death of the tenant, is transferred to his heirs.
   * Life estate: An estate lasting for the natural life of the grantee, called a "life tenant." If a life estate can be sold, a sale does not change its duration, which is limited by the natural life of the original grantee.
         o A life estate pur autre vie is held by one person for the natural life of another person. Such an estate may arise if the original life tenant sells her life estate to another, or if the life estate is originally granted pur autre vie.
   * Leasehold: An estate of limited duration, as set out in a contract, called a lease, between the party granted the leasehold, called the lessee, and another party, called the lessor, having a longer lived estate in the property. For example, an apartment-dweller with a one year lease has a leasehold estate in her apartment. Lessees typically agree to pay a stated rent to the lessor.
A tenant enjoying an undivided estate in some property after the termination of some estate of limited duration, is said to have a "future interest." Two important types of future interests are:
   * Reversion: A reversion arises when a tenant grants an estate of lesser maximum duration than his own. Ownership of the land returns to the original tenant when the grantee's estate expires. The original tenant's future interest is a reversion.
   * Remainder: A remainder arises when a tenant with a fee simple grants someone a life estate or conditional fee simple, and specifies a third party to whom the land goes when the life estate ends or the condition occurs. The third party is said to have a remainder. The third party may have a legal right to limit the life tenant's use of the land.
Estates may be held jointly as joint tenants with rights of survivorship or as tenants in common. The difference in these two types of joint ownership of an estate in land is basically the inheritability of the estate and the shares of interest that each tenant owns.
In joint tenancy with rights of survivorship deed, or JTWROS, the death of one tenant means that the surviving tenant(s) become the sole owner(s) of the estate. Nothing passes to the heirs of the deceased tenant. In some jurisdictions, the specific words "with right of survivorship" must be used, or the tenancy will assumed to be tenants in common without rights of survivorship. Co-owners always take a JTWROS deed as equal shares, so each tenant must own an equal share of the property regardless of contribution to purchase price. If the property is sold or partitioned, the proceeds must be distributed equally with no credits given for any excess than any one co-owner may have contributed to purchase the property.
The passing of a co-owner of a tenants in common (TIC) deed will have a heritable portion of the estate in proportion to his ownership interest which is presumed to be equal amongst tenants unless otherwise stated in the transfer deed. However, if TIC property is partitioned, some states may grant a credit for unequal contribution to purchaes price (unlike a partition of a JTWROS deed). Real property may be owned jointly with several tenants, through devices such as the condominium, housing cooperative, and building cooperative.
Recent News
Prices are often much cheaper than most areas of the U.S., but in many locations, prices of houses and lots are as expensive as the U.S., one example being Mexico City. U.S. banks have begun to give home loans for properties in Mexico, but, so far, not for other Latin American countries.
One important difference from the United States is that each country has rules regarding where foreigners can buy. For example, in Mexico, foreigners cannot buy land or homes within 50 km of the coast or 100 km from a border unless they hold title in a Mexican Corporation or a Fideicomiso (a Mexican trust). In Honduras, however, they may buy beach front property directly in their name. There are different rules regarding certain types of property: ejidal land – communally held farm property – can only be sold after a lengthy entitlement process, but that does not prevent them from being offered for sale.
The size of an apartment or house can be described in square feet or meters. In the United States, this includes the area of "living space", excluding the garage and other non-living spaces. The "square meters" figure of a house in Europe may report the total area of the walls enclosing the home, thus including any attached garage and non-living spaces, which makes it important to inquire what kind of surface definition has been used. Property Planning ConsultantsÂ
Source :
It can be described more roughly by the number of rooms. A studio apartment has a single bedroom with no living room (possibly a separate kitchen). A one-bedroom apartment has a living or dining room separate from the bedroom. Two bedroom, three bedroom, and larger units are common. (A bedroom is defined as a room with a closet for clothes storage.) If you are looking for Home Insurance Quotes go to RealInsurance.com.au
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